One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.

William Howard Taft (1857–1930), U.S. president. Inaugural address, March 4, 1909. Presidential Addresses and State Papers of William Howard Taft from March 4 1909, to March 4, 1910, 1: 60, Doubleday, Page & Company (1910).